February 9, 1901.]
HONGKONG, CANTON & MACAO STEAMBOAT CO., LIMITED.
The ordinary half-yearly meeting of share- holders in the above company was hold on Tuesday, the 5th inst. The Hon. J. J. Keswick presided, and there were also present Messrs. N. A. Siebs, A. Haupt, R. Shewan, F. A. Gomes, and P. Witkowski (Directors), T. Arnold (Secretary), A. Tillot, Erich Georg. Q. T. Veitch, F. Henderson, H. M. Mohta, S. A. Joseph, C. 8. Sharp, W. H. Purcell, A. H. M. da Silya, J. Goosmann, D. E. Brown and E. J. Moses.
tlemen, we will take the report and accounts I shall not detain you with many as read. remarks, as the result of the half-year's work ing and the present position of the company are so fully explained in the statements now laid before you that there is but little for one to comment upon. Your Directors are pleased that the improvement in the earnings warrants the payment of a bonus of two per cent, in addition to the usual dividend of oight per cent. for the half-year, and admits also of the substantial increase of $50,000 to the equalisation of divid- end fund. The suggestion that a further sum of $70,000 be passed to this fund from tho invest- ment fluctuation account will doubtless commend itself to shareholders. Our investments have go largely increased in value and stand in our books
CHINA OVERLAND TRADE REPORT.
KOWLOON LAND AND BUILDING
COMPANY, LIMITED.
The 12th ordinary meeting of shareholders in the above company was held at the com- pays offices, Victoria Buildings, on Thursday, 31st ult. Mr. F. Henderson presided, and thero were also present Messrs. J. Goosmann, J. L. Cox (directors), A. Shelton Hooper (Secretary). T. Skinner. Erich Georg, M. S. Northrote. and T. H. Reid.
The CHAIRMAN
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195
HONGKONG AND SHANGHAI BANKING CORPORATION.
The following is the seventy-first report of the court of directors to the ordinary half-yearly general meeting of shareholders, to be held at the City Hall, Hongkong, on Saturday, the 16th February, at noon.
To the Proprietors of the Longkong and Shanghai Banking Corporation:
doubtful accounts.
amount to
The directors recommend the transfor of $1,000,000 from the profit and less account to credit of the silver reserve fund, which fund will theu stand at 33,000,000..
After making this transfer and deducting remuneration to directors. there remains for appropriation 82.946.272.65, cut of which the directors recommend the payment of a dividend of one pound and ten shillin's sterling per share, which at 4.6 will absorb. 533.333.33, and a bonus of in shillings sterling per share, which at 4 6 will absorb $177,701.78.
Gentlemen. The directors have now to The SECRETARY read the notice convening | submit to you a general statement of the the meeting.
affairs of the Bank, and balance sheet for the Gentlemen: the report now | half-year ending 31st Decembor, 1900, The SECRETARY read the notice convening will consider as read, so nearly resembles | 81,717,5-13.29, balance brought forward from last before you, and which with your permission we The net profits for that period, including the meeting.
The CHAIRMAN said-If you approve, Geu-call for any comment whatever. You will have forest paid and due, and making provision for that of last year that it does not seem to account, after paying all charges, deducting in. noticed that the rentals have increased. This bad and and the property has been kept in good repair, honses have been fully occupied all the time. | 83,961.272.65. but unfortunately at a cost of about 81.200 over that of last year. This additional outlay has been caused by the rain-storm of last year. which carried away the retaining wall, which had to be rebuilt. With your permission it is proposed to pay a dividend of $10 per share. With these very few remarks, gonile raen. I would propes the adoption of the I shall be glad report, but before "daing so to auswer any question in my power fo da sə,
Mr. Rein-Mr. Chairman. I should like to ask a question. Has it ever ocenrred to the directors of the company to extend the business on the Kowloon side. It seems to me there is | at such favourable rates, that the sum of
a growing demand for honses at Kowloon, and $161.753.68, which will remain after the propos- ed transfer has been made, is, in the opinion of besides adding to the value of their own pro- the Board, an ample reserve to meet any pos- hood they might do something to exteal their perty by purchasing ground in the neighbor. sible fluctuation in the value of investmouts, while the des rability of building up the equalibusiness on fl› Kowloon sile and justify their existence as a Kowloon Land and Building sation of dividend fund as opportunity offers,
Company. to ensure the payment of regular dividends, will doubtless be apparent to all. With regard to the sal; of the West River steamers and lighters and our temporary withdrawal from the direct live on the West River, I may say that this course was adopted only after very careful con- sideration, bat your directors hope that with the probable approaching settlement of affairs in the North, they may be able to resume the trade at an early date under more favourable auspices. The Nanning, the first of the new joint account sternwheelers for the Canton and Wuchow line, has now been running for some time, and. I am pleased to
is a favourite boat with passengers. Under say, the more favourable regulations which we con- fidently look for, there is but little doubt that these boats can be worked profitably. I may Say that the current half-year has opened well, and as far as we can judge, there is every rea- son to expect that the improvement in our earn- ings will be maintained. With these few re- marks, gentlemen, I would prepose the adoption of the report and accounts as presented, but before doing so I shall be pleased to answer any questions which shareholders may wish to ask.
There being no questions the report and statement of accounts was adopted on the wo tion of the CHAIRMAN, seconded by Mr. Goos-
MANN.
On the motion of Captain TILLET, seconded by Mr. GEORG, the election of Mr. Witkow- ski as a director was confirmed.
Messrs. A. O'D. Gourdin and F. Henderson were re-elected auditors, on the motion of Mr. JOSEPH, seconded by Mr. VEITCH.
The CHAIRMAN-Gentlemen. I am vory much obliged to you for your attendance. That concludes the business. The dividend warrants will be ready to-morrow at ten o'clock,
A very clever piece of work has been executed this week by Mr. Bellingham in the bringing of the great bell from Hai-kuan-su to the public Gardens, where we believe it will be suspended in due course, says the P. & T. Times of the 12th alt. The bell was, presented some twenty-five years ago to Li Hong-chang by Messrs. Krupp, and was cast in Germany. It was then presented by Li to a Temple on the East side of the City, we believe, but the bell proving too large, it was transferred to the Hai-kuan-su, whence its sweat if somewhat mournful tone has reached us ever since. The bell was presented to the British Municipality by General Dorward and Colonel Fukushima.
The difference in exchange tæeen 4/6, tha rate at which the dividend and hens are declar- ed, and 21, the rate of the day, amounts to
The balance, $1,410, 272.65, be carried to new profit and loss account.
DIRECTORS. Mr. R. Shewan has been ele ted chairman for the year 1901; and Hon. J. J. Keswick deputy chairman.
The CHAIRMAN Yes. Mr. Reid, the diree-
Mr. Ernst Goetz having re-igned his seat the demand for houses on the other sile now ters quite agree with you in believing that
on leaving the Colony, Mr. Paul Witkowski - has been invited to fill the : cancy; the ap would almost justify the extension of building,pointment requires confiriuatio: at this meet- but against that at the present moment some arrangement would require to be come to with all the tenants before the present lausus run
out.
mean yon
to
gro
Mr. Reid-I think you misnudderstand nao The same misunderstanding occurred when I 1 do not spoke about the matter last year. front of Knutsford Terrace. What I meau is that and build on the tennis lawns in
the business of the company might be extended by raising more capital, buying more land, and building more houses. What I say is that there is a demand for more houses at Kowloom. | and I am quite convinced that if the company
were to extend the business it would have an. increased return from the houses that it built on the other side.
The CHATHMAN-- But you know that hist
your the directors had in contemplation. There is one question, and that is as fo whether the cost of land in Kowloon would
justify our purchasing some and commencing building operations. However, we will give your suggestion every consideration.
Mr. REID-I would like to say again it is obvious that if it pays other peoplò to purchase land at Kowloon an-1 build houses it ought to pay this company, which has existed for some time for the ostensile purpose of purchasing land and building at Kowloon.
The CHAIRMAN- It was scarcely started with that idea, yet that is no reason why it should not be done now. But you must remem-
ber that the bulk of the land at Kowloon was
got at rates which could not purchase it now.
Mr. REID-Yet people still are buying land, The CHAIRMAN-Yes but there are some people who are prepared to take more than we.
Mr. GOOSMANN-These Chinese.
risks
are Frincipally
The report was then adopted, on the motion of the CHAIRMAN, seconded by Mr. GEORG.
Messrs. Henderson and Geosmanu were re-elected directors, on the motion of Mr. SKINNER, seconded by Mr. GEORG.
Messrs. Thos. Arnold and W. H. Gaskell were re-elected auditors, on the motion of Mr. SKINNER, seconded by Mr. REID.
The CHAIRMAN-There is no further bus: ness. Dividend warrants will be ready on ap plication to-morrow morning,
ing.
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The Honourable J. J. Koswik and Mr. D.. M. Mores retire in rotation, bat bing eligible for re-election offer themselves cordingly... [.
AUDITORS,
{
Tho accounts have been arted by Mr. F. Henderson and Mr. C. S. Sarp, who offer themselves for re-election.
N. A. SIEBS,
Chairman.
Hongkong, 4th February, 11. ABSTRACT OF ASSETS AND LIABILITIES, 31ST DECEMBER, 1:0.
LIABILITIES.
Paid-up capital Sterling res, rve fund Silver reserve fund Marine insumage account Notes in circulation :
Authorise Liz ne against sveu¡ ities day asited with thet rownagents For the Colonies Additional issue all- thorised by Hongkong Ordinance No. 19 of 1909, against cain ledged with the Hong- keng Government
Carrent accounts:
('.
10.000,00,00
2,513,467
*ilver
.66,975,301,69 Gold, £1,903,636, Ss, 4d =18,265,7 | 01
Fixed deposits : Silver
33,511,61 519 Gold, £ 1.312.568. 14.11d. 31,986.0.1.52
Bills payable including drafts on lon- don bankers and short sight drawings on London clice against bills re- ceivably and bullion shipments} Profit and loss acconut
Liability en bills of exchange rexdis- counted, £5.281,881. Ha, 3d, of which up to this date £3,303,660 have ru off.
·Cush
ASAETJ.
Cain lodged with the Hongkong Co- verument against note circulation in excess of $10,000,000 Bullion in hand and in transit.
$ 10,000,000,00
10,000,000.00
2,000,000.00 250,000.00
12,513, 108.07
85,241,261.10.
65,301,3,51
21,990,536,85 3,961,272.65
$211,457,722.78
In lian Government rupce paper . Consola, Colonial and other securities Sterling reserve fund investments, víz, :---
38,859,848.10
3,000,000.00
9,977,251.14
2,313,042 40
7,149,161,86